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Japan Exchange Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Jan, 2026
Executive summary
Operating revenue for Q3 FY2025 rose 14.8% year-over-year to JPY 139,626 million, with operating income up 17.1% to JPY 81,308 million and net income attributable to owners up 17.1% to JPY 54,993 million, driven by a vibrant Japanese stock market and increased clearing services revenue.
The group implemented a new revenue breakdown aligned with its Medium-Term Management Plan 2027, adding system services as a distinct category.
All revenue categories saw growth, particularly from cash equities and clearing services related to interest rate swap transactions.
Financial highlights
Trading services revenue grew 11.7% year-over-year to JPY 54,492 million, with cash equities up 18.0% and financial derivatives down 8.1%.
Clearing services revenue surged 41.1% year-over-year to JPY 36,675 million, mainly from collateral assets related to interest rate swaps.
Listing services revenue increased 2.3% year-over-year to JPY 12,583 million, with annual listing fees up 7.6%.
Information services revenue rose 3.7% to JPY 24,843 million, and system services revenue also climbed 3.7% to JPY 10,336 million.
Operating expenses increased 12.1% year-over-year to JPY 59,581 million, mainly due to higher returns to clearing participants, personnel, and system-related costs.
Outlook and guidance
FY2025 full-year forecasts remain unchanged: operating revenue JPY 176,000 million, operating income JPY 96,500 million, net income JPY 65,000 million, and EPS JPY 63.09.
Dividend per share forecast is JPY 50.0, with a payout ratio of approximately 80%.
Average daily trading value for cash equities forecasted at JPY 6 trillion.
Full-year forecast for fiscal year ending March 31, 2026, projects operating revenue of JPY 176,000 million (up 8.5% year-over-year) and net income attributable to owners of JPY 65,000 million (up 6.4%).
Dividend forecast remains unchanged, with a total annual dividend of JPY 50.00 per share, targeting a payout ratio of at least 60%.
Impact of clearing business on total assets?
Reason for 86.3% rise in other operating expenses?
Why did financial derivatives revenue decline?
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Next Japan Exchange Group earnings date
Q4 202629 Apr, 2026
Japan Exchange Group
Next Japan Exchange Group earnings date
Q4 202629 Apr, 2026
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Frequently asked questions
Japan Exchange Group Inc., abbreviated as JPX, is a prominent financial instruments exchange holding company in Japan, overseeing a comprehensive network of financial markets. Formed through the merger of Tokyo Stock Exchange Group and Osaka Securities Exchange in 2013, JPX operates major financial exchange markets, including the Tokyo Stock Exchange and Osaka Exchange. This organization facilitates the trading of a wide array of financial instruments, such as listed securities and derivatives. JPX's operations extend beyond providing market infrastructure and data; it also offers clearing and settlement services through a central counterparty and oversees trading to ensure market integrity. The company is headquartered in Tokyo, and its shares are listed on the Tokyo Stock Exchange.
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